WASHINGTON (AP) — amassed about $130 million in the final months of last year but after spending heavily, headed into 2024 with more than $42 million to start the election year.

New campaign finance reports filed Wednesday showed that across four committees that make up Trump’s political operation, he ended 2023 having spent about $86 million, with tens of millions of that being diverted to pay legal expenses.

Trump’s main campaign committee closed out the year with about $33 million. Meanwhile, account reported starting 2024 with $46 million to spend.

Biden’s political operation reported raising $97.1 million in the final months of 2024 across the various committees it uses to fundraise and ended the year with $117.4 million on hand.

That includes fundraising numbers for the Democratic National Committee, which partners with the incumbent president. Biden’s campaign said December, which included a star-studded fundraising blitz, was his strongest fundraising month to date.

Though Trump is the , he does not enjoy many of the same fundraising advantages as Biden. For example, Biden, through a joint agreement with the Democratic National Committee, can collect checks from individual donors worth almost as much as $1 million, far greater sums through a joint operation with the Democratic National Committee. That sky-high limit won’t be available to Trump unless he clenches the nomination and enters into a similar arrangement with the Republican National Committee, which started 2024 with only $8 million on hand.

The Associated Press